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Oct 26, 2012 6:30pm PDT
a look here, we're talking about companies like allstate, chub, travelers, state farm-- there are others listed here on the screen. who is in the best shape to deal with all of this? >> well, i would say cumulatively, the industry is very well capitalized. i mean, one of the reasons that they have ben able to build up their reserves this year is 2012, compared tole 2011, has bn comparatively light in terms of natural disasters. 201you had the tornado y tuscaloosa andiop len. you had hurricane irene in 2011. this year, you look at june 2012, you had the colorado wildfire. you had hurricane isaac which hit louisiana. what we're looking at with sandy is multiple states across some of the most heavily populated states on the east coast, and that'sat why this has caught everybody's attention for good reason. >> susie: what about businesses? to what extent are they covered through all of this, or is there a deference being a homeowner-- we have heard companies have closed operations for the next few days. >> well business insurance policy coverage is comparable to a home insurance policy, they
Oct 29, 2012 6:30pm PDT
ilude:de liberty mutual, avelers, allstate, and chubb. auden thinks those firms will bl able to shoulder a financial hit if the storm's damage mirrors that of irene. >> with every event cpanies gather more information on potential losses, so catastrophe losses become much more sophisticated. companies use those to measure aggregationf lossan ential losses from a given event. >> reporter: damage from wind, falling trees, and rain coming through roofs is covered by standard insurance policies. but analysts fear much of the damage from sandy to homes and businesses is likely to come from storm surge floodinwhich isn't. the insurance in rmationon institute estimates roughly 300,000 homes in the northeast could be vulnerable to this type of event. but the institute is optimistic many homeowners have flood insurance. >> nothing sells flood coverage like a flood and when hurricane irene hit last year there was widespread flooding throughout the northea and many people did go out and buy flood insurance policies after that.he so as long as they kept that policy enforced they'll be protected in t
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